Breaking support and following the downtrend

6 Dis 2024

Gold's 1-hour moving average continues to cross downward to form a dead cross, and continues to diverge downward, so the downside space of gold will be further opened, the gold oscillation range is broken, and a new low this week is created. Gold begins to weaken, so the rebound of gold is an opportunity to continue to be shorted. After gold rebounds to around 2634, it begins to fall directly under pressure. Then the Asian session gold rebounds around 2634 and continues to be shorted at highs

First support: 2613, second support: 2600, third support: 2588

First resistance: 2633, second resistance: 2642, third resistance: 2657

Trading strategy:
Sell ​​high and buy low according to the resistance range.

6 Dis 2024

Nota

Today, the overall bearish thinking remains unchanged under the pressure of 2647/50. The focus is still on selling on rebound. No matter whether the US non-farm data is positive or negative, you still have to go short at the rebound high. Once it breaks the low of 2605, you can directly follow the trend and go short. If the NFP data is positive, you can go long around 2605 for defense. If you are blocked from pushing up 2647/50, continue to go short. If the data is negative, go short directly below 2643.
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